Gold prices continued to fall for the third day and tumbled Rs 1,000 to Rs 70,650 per 10 grams in the local market, amid heavy selling by jewellers, triggered by a fall in rates in overseas markets.

Silver prices also fell sharply by Rs 3,500 to Rs 84,000 per kg. Globally, Comex gold was trading at USD 2,421.80 per ounce, down USD 42.20 per ounce.

The customs duty on gold and silver was cut from 15 per cent to 6 per cent.